11月28日，港股科技板块早盘表现略微震荡热门ETF中，恒生科技指数ETF（513180）高开后震荡攀 升，截至发稿现涨近0.5%，盘中成交额逼近14亿元。成分股中，地平线机器人-W、华虹半导体、阿里 巴巴-W、蔚来-SW、京东集团-SW等涨幅居前。 中银国际在研报中称，产业链景气度持续验证与政策催化预期强化，科技主线有望回归。AI产业链特 别是国产算力是我国先进制造业的重要一环，也是智能化产业代表，在当前大背景下，更是急需加快科 技自立自强的重点领域，此次政策催化预期强化，产业链有望持续受益。产业链景气度持续验证与政策 催化预期强化之下，配置可逐步回归科技主线，特别是国产算力、国产存储芯片等领域。 国联民生证券认为，展望后市，近期市场延续"高开低走+低量能"的趋势，承接资金不足，热点也较为 杂乱，指数分化明显，市场仍处于震荡修复阶段，以结构性机会为主。持仓上谨慎追高，可埋伏带长期 逻辑的低位行业个股，如"十五五"规划中提到的四大新兴产业和六大未来产业，静待政策面消息拉动； 短期可适当参与科技板块中，前期超跌且有消息催化的消费、AI应用、机器人等的轮动机会。 ...

Group 1 - The Hang Seng Index opened up 0.25% and the Hang Seng Tech Index rose 0.43%, with semiconductor and electrical equipment sectors leading the gains [1] - The largest ETF tracking the Hang Seng Tech Index (513180) has seen significant capital inflow, with a net inflow of 9.72 billion yuan over the last five trading days, indicating strong demand [1] - The Hang Seng Tech Index has shown a notable stabilization trend, attracting active capital allocation in the tech sector [1] Group 2 - Dongwu Securities suggests that short-term risk factors for Hong Kong stocks are decreasing, but a rebound confirmation requires catalysts [2] - The expectation of a potential interest rate cut by the Federal Reserve could benefit the recovery of Hong Kong stocks, as the narrative around the AI tech bubble in the US weakens [2] - CITIC Securities highlights the "14th Five-Year Plan" which emphasizes building a modern industrial system and accelerating high-level technological self-reliance, suggesting that strategic emerging industries may receive new policy support [2]

据CME美联储观察工具数据，美联储在12月降息的概率升至84.7%，而在此前的一周降息概率一度低至 30%。美联储态度的转变大幅提振市场信心，各类风险资产近期活跃度回升，港股市场表现较好。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 受海外流动性预期变化影响，近期港股市场震荡调整，恒生科技指数相较于前期高点大幅回落。各类资 金跑步进场，全市场规模最大的恒生科技指数ETF（513180）已连续20日获得资金申购。 恒生科技指数是港股市场的代表性指数之一，具有高弹性，高成长的特点，软硬科技兼备，囊括小米、 网易、腾讯、阿里、美团等相较于A股更为稀缺的中国科技核心资产。 ...

海外再传鸽派信号，美联储官员近期称鉴于劳动力市场走弱，短期内仍有进一步降息的空间，降息预期 的提升显著提振市场信心，近期持续调整的港股市场迎来反弹行情。 据美国劳工部数据，美国9月失业率回升至4.4%，升至2021年10月以来最高。从芝商所美联储观察工具 的数据来看，美联储于12月降息25bp的概率当前接近70%，而该数据在一周前一度低至30%。 港股创新药产业：恒生医药ETF（159892） 港股市场AI主线：恒生科技指数ETF（513180） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 展望后市，美联储降息节奏虽在短期内有所扰动，但在美联储降息背景下，外资回流或超预期，叠加南 向资金持续增持，港股市场有望迎来流动性的进一步宽松，对于流动性更敏感的科技、医药板块或持续 受益。 【相关ETF】 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 11月19日早盘，港股三大指数集体高开，恒生指数涨0.09%，报25954.23点，恒生科指涨0.37%，国 企指数涨0.19%。盘面上，科网股涨多跌少，黄金股回暖，锂电池概念高开。开盘后，恒生科技指数转 跌，A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数震荡下行，持仓股中，百度集团、哔 哩哔哩、携程集团、美的集团、阿里巴巴等涨幅居前，小米集团、蔚来、理想汽车等领跌。 本周内，恒生科技指数已连跌2日，再度回到历史低估区间，资金也在积极布局恒生科技板块。具 体到工具层面，作为A股同赛道规模最大的恒生科技指数ETF（513180），正成为资金追捧的"香饽 饽"。数据显示，该ETF在11月18日单日便吸引了约7.25亿元的资金净流入；本周内的两个交易日，该 ETF累计净流入更是高达12.4亿元，展现出强大的"吸 ...

Group 1 - The Hong Kong stock market showed mixed performance on November 19, with the Hang Seng Tech Index ETF (513180) experiencing fluctuations, while major holdings like Alibaba, Trip.com, and Xpeng Motors saw gains, whereas Xiaomi, Tongcheng Travel, Li Auto, and Kuaishou faced declines, with Xiaomi dropping over 3% post-earnings [1] - According to a recent report by CITIC Securities, the Hang Seng Tech Index has seen significant net inflows of capital over the past month, particularly from the Nasdaq 100, while other indices like the China Internet 50 and Hang Seng Index experienced slight outflows [1] - The Hang Seng Tech Index ETF (513180) has become increasingly popular among investors, attracting approximately 725 million yuan in net inflows on November 18 alone, and a total of 1.24 billion yuan over the first two trading days of the week, indicating strong demand [1] Group 2 - As of November 18, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 21.84 times, which is lower than other major global tech indices, and is positioned in the historical low valuation range, being below 77% of the time since its inception [2] - Dongwu Securities suggests that while the Hong Kong tech sector is currently undergoing adjustments, the long-term attractiveness of Hong Kong tech stocks is evident due to their low valuation and high growth potential, especially in the context of the AI sector [2] - The Hang Seng Tech Index is seen as a cost-effective investment opportunity, with high elasticity and growth characteristics, making it suitable for investors looking to gain exposure to core Chinese AI assets without a Hong Kong Stock Connect account [2]

Group 1 - The Hong Kong stock market opened higher on November 19, with the Hang Seng Index rising by 0.09% to 25,954.23 points, and the Hang Seng Tech Index increasing by 0.37% [1] - Baidu Group's stock rose over 3% after the release of its Q3 2025 financial report, which showed total revenue of 31.2 billion yuan, a year-on-year decline of 7% [1] - Baidu disclosed three new AI business lines in its report, collectively generating approximately 10 billion yuan, accounting for about 40% of its core revenue, with a strong year-on-year growth exceeding 50% [1] Group 2 - AI cloud revenue grew by 33% year-on-year, while AI application revenue reached 2.6 billion yuan, and AI native marketing services saw a significant increase of 262% year-on-year, generating 2.8 billion yuan [1] - In the autonomous driving sector, Baidu's "Luobo Kuaipao" service recorded 3.1 million global ride-hailing services in Q3, marking a year-on-year increase of 212%, with a total of over 17 million services provided globally [1] - Huatai Securities forecasts that Baidu's core revenue and non-GAAP operating profit are expected to improve quarter-on-quarter in Q4 2025, driven by AI's transformation of its advertising system [2] Group 3 - The latest valuation of the Hang Seng Tech Index ETF (513180) is 21.84 times, lower than other major global tech indices, indicating that it is in a historically undervalued range [2] - The index's valuation is at the 22.19% percentile since its inception, meaning it is lower than 77% of the historical time frame [2] - The Hang Seng Tech Index is characterized by high elasticity and growth potential, suggesting greater upward momentum for investors [2]

财通证券认为小鹏汽车Robotaxi与机器人业务可期，正打造物理AI全栈体系，上行空间可期。预计公司 2025-2027年实现营业收入778/1154/1419亿元，对应PS分别为2.2/1.5/1.2倍，维持"增持"评级。 支持T+0交易的相关ETF： 1）港股通汽车ETF（159323）：标的指数高度聚焦港股新能源车板块，乘用车含量在同类指数中领 先，且拥有相对A股稀缺的造车新势力（理想、小鹏、零跑）。此外，指数覆盖汽车零部件板块和汽车 智能化领域，有望深度受益于机器人科技浪潮。（场外联接A/C：024144/024145）。 2）恒生科技指数ETF（513180）：标的指数软硬科技兼备，高弹性，高成长，囊括小米、网易、腾 讯、阿里、美团等相较于A股更为稀缺的中国核心科技资产。没有港股通账户的投资者或可通过恒生科 技指数ETF（513180）一键布局港股科技龙头。（场外联接A/C：013402/013403）。 11月18日早盘，港股三大指数集体低开，恒生指数跌0.80%，报26172.27点，恒生科指跌1.25%，国企指 数跌0.72%。盘面上，科网股普跌，保险股低开，黄金股回调，汽车股走弱。主流ETF ...

Group 1 - The Hong Kong stock market faced pressure on November 17, with all three major indices declining, and the Hang Seng Tech Index falling over 1% in the afternoon [1] - The largest ETF in the same sector, the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with only a few stocks like Tencent Music rising, while companies like Ctrip, Horizon Robotics, Lenovo, Baidu, and Xpeng led the declines [1] - Haitong International noted that multiple disruptive factors continued to suppress the performance of the tech sector, although the current short-term valuation of the tech sector is overheated, the AI bubble is not yet a concern [1] Group 2 - As of November 14, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 22.47 times, lower than other major global tech indices, indicating that it is in a historically undervalued range [2] - The index's valuation is at approximately the 25.98 percentile since its inception, meaning it is lower than 74% of the historical time, highlighting its cost-effectiveness [2] - The high elasticity and growth characteristics of the Hang Seng Tech Index suggest it has greater upward momentum, making it an attractive option for investors without a Hong Kong Stock Connect account to access core Chinese AI assets [2]

Core Viewpoint - The Hang Seng Technology Index has seen a decline of over 1%, with major ETFs following suit, while select semiconductor stocks like Hua Hong Semiconductor and SMIC have risen against the trend [1] Group 1: Market Performance - The Hang Seng Technology Index ETF (513180) is experiencing fluctuations in line with the index, with leading stocks such as Ctrip, Horizon Robotics, Lenovo Group, and Baidu Group facing significant declines [1] - Despite the overall downturn, semiconductor stocks like Hua Hong Semiconductor and SMIC are performing well [1] Group 2: Industry Outlook - Donghai Securities highlights that domestic AI computing power expenditure is more cost-effective compared to the U.S., which exceeds 1% of GDP, and sees substantial application potential in the technology sector, particularly in chips and semiconductors [1] - The report suggests a balanced asset allocation strategy to capitalize on the effects of de-involution and technology empowerment, while also considering investment opportunities in cyclical and consumer sectors due to improving economic data expectations [1] Group 3: Valuation Insights - As of November 14, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) stands at 22.47 times, which is lower than other major global technology indices [1] - The index valuation is at approximately the 25.98th percentile since its inception, indicating that over 70% of the time, valuations have been higher than the current level, suggesting that the Hang Seng Technology Index remains relatively undervalued historically [1] - The characteristics of high elasticity and high growth in the index provide significant upward momentum potential [1]